US Insurers Intensify Efforts in Retirement Market Through RIA Channel
US insurance carriers are increasingly focusing on the benefits of annuities in retirement planning, with a new report from Goldman Sachs Asset Management revealing their strategies to accelerate retirement income solutions and platform innovations. The Registered Investment Advisor (RIA) channel is emerging as the primary growth driver, with 45% of respondents expecting significant development from RIAs, surpassing the 38% who see the Independent channel as the next major growth area.
The shift highlights a broader industry trend toward catering to high-net-worth clients and addressing the growing demand for annuity expertise within fee-based wealth management models. Insurers are sharpening their focus on in-plan solutions, product menus, and AI-enabled education. “Our latest survey makes it clear that insurers are not standing still,” said Marci Green, Head of Retirement Distribution and Third-Party Insurance, Americas at Goldman Sachs Asset Management. “They are reassessing annuity platforms to reflect real concerns around market volatility, longevity, and investor engagement.”
Key Trends and Strategies
The report identifies five key themes shaping the industry:
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Macroeconomic Uncertainty: Insurers are rebalancing portfolios amid concerns over a potential US economic slowdown, with 76% identifying it as the top macro risk. There’s a growing interest in international developed equities (29% plan to increase allocations) and private markets, particularly private credit (15%) and private equity (10%).
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Product Strategies: Registered index-linked annuities (RILAs) remain a priority, with 77% of insurers focusing on them. There’s also a shift toward traditional lifetime income solutions, with 60% citing guaranteed variable annuities as a priority. Defined outcome strategies are gaining momentum, valued for their client flexibility.
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In-Plan Retirement Income: In-plan annuity solutions are becoming a priority, with 64% of insurers ranking them among their top three business initiatives. Over half already offer such solutions, while others are developing new products.
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AI’s Role: Insurers see AI as crucial for education, personalization, and efficiency. 90% believe AI will help investors understand annuities and guaranteed income, while 47% expect it to boost education in the variable annuity space.
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RIAs Lead Distribution: RIAs have emerged as the fastest-growing distribution channel. Insurers are focusing on supporting advisors with market intelligence, annuity education, and retirement planning tools.
The report underscores the evolving landscape of the retirement planning industry, with insurers adapting to changing client needs and market conditions. As Marci Green noted, the focus is on delivering sophisticated, flexible product solutions and enhancing sales efficiencies and education tools.
